U.S. & Swiss Housing Markets Show Mixed Picture in 2024
The latest housing market data reveals a mixed picture across the U.S. and Switzerland. While some regions saw modest price changes, others experienced significant shifts in median square-foot prices for both for-sale homes and custom homes.
Starting with the U.S., the Pacific division held the second-highest median square-foot prices for for-sale homes at $223 per square foot. This marks a decline from the double-digit price hikes seen in the post-pandemic environment. Meanwhile, the East South Central and West South Central divisions offered the most economical custom homes at $129 and $138 per square foot, respectively. However, the New England division led with the highest and fastest-rising median square-foot prices for for-sale homes at $282 per square foot.
In the custom home market, the median price rose slightly to $166 per square foot from $162 in 2023. The Mountain division in the West saw declines in square-foot prices, with median prices in 2024 at $169 per square foot or higher. Conversely, the East South Central division had the least expensive for-sale homes at $140 per square foot or lower. New England, however, had the most expensive custom homes at $190 per square foot or higher.
Turning to new single-family detached (SFD) homes started in 2024, median square-foot prices grew modestly. For spec starts, excluding lot values, the median price was $153 per square foot, up from $150 in 2023.
Across the Atlantic, in Switzerland, the region with the highest median prices for new single-family houses per square meter in 2024, including land costs, is Aarau with an average price of CHF 10,351 per m². Herisau, on the other hand, has significantly lower prices at CHF 5,923 per m².
In summary, while the U.S. housing market shows a cooling trend with modest price changes, regional disparities persist. In Switzerland, the gap between the most and least expensive regions for new single-family houses is substantial. These trends highlight the ongoing diversity in housing markets across different regions and countries.
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